• Thursday, May 23, 2024
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UBA to pay N2.30 final dividend as pre-tax profit hits N757.680bn

UBA grows Q1 pre-tax profit by 155% to N156bn

United Bank for Africa (UBA) Plc has released its audited results for the year ended December 31, 2023.

The group’s profit before income tax (PBT) printed higher at N757.680billion as against N673.011billion in 2022. This is even as the Group’s profit for the year 2023 rose to N607.696billion from 2022 low of N586.626billion.

The Directors, pursuant to the powers vested in it by the provisions of Section 379 of the Companies and Allied Matters Act (CAMA) of Nigeria, propose a final dividend of N2.30 per share (31 December 2022: N0.90 per share) from the retained earnings account as at December 31, 2023.

This proposed final dividend and the N0.50 per share interim dividend paid in September 2023, brings the total dividend for the year to N2.80, amounting to a pay-out ratio of
16.32 percent (December 31, 2022: 28.14 percent), and a yield of 10.92 percent ( December 31, 2022: 14.47 percent).

The proposed dividend will be presented to UBA shareholders for approval at the next Annual General Meeting and paid subsequently subject to withholding tax at an appropriate rate.

UBA experienced robust trading activity in 2023, with 9.63 billion shares exchanged, representing 28.2 percent of the shares
outstanding.

The broader Nigerian equities market ascended to a 15-year peak amidst market-friendly reforms and buoyant corporate performance.

The NGX All-Share Index closed at a record high of 74,773.77 points, representing a substantial 45.90 percent year-to-date (YtD) gain from its opening position of 51,251.06 points.

UBA concluded the year at N25.65 per share translating to a 237.5 percent YtD increase.
NGX equities market capitalization likewise witnessed a notable surge, closing at N40.92 trillion, signifying a 31.8 percent expansion from N27.92 trillion at the end of 2022.